[MARKET ANALYSIS] Chinese equities outperform, BYD beats revenue estimates

Asia-Pac stocks initially opened with a slight negative bias, amid the tech-led selloff stateside and the lack of progress between US and Iran. Sentiment has improved recently, despite newsflow remaining light.
ASX 200 underperforms, with Health Care and Miners weighing on the index. Woodside Energy reported Q1 revenue that rose annually and maintained its FY guidance, helping support shares just shy of 2% gains.
KOSPI also prints slight losses, as the technology selloff in US equities hit the tech-heavy SK index.
Hang Seng and Shanghai Comp. are the APAC outperformers, following a flurry of earnings and updates. For BYD (+2.9%), the Co. reported revenue that beat estimates, however net income fell annually, placing a ceiling to the gains. On the other hand, Hua Hong Semiconductor (-5.8%) slips after the US has reportedly ordered numerous chip equipment companies to halt tool shipments to two of the co.’s facilities.
US equity futures are higher, albeit modestly after rebounding from the selloff following the WSJ report. The initial positiveness came following a batch of positive earnings after-hours, including Seagate, in which Q3 EPS and revenue beat estimates.
European equity futures are indicative of a muted open with the Euro Stoxx 50 future U/C after cash closed -0.5% on Tuesday.